Toyota Close to 200K EV Rebate Limit
May 10, 2022—Toyota has almost sold 200,000 EVs and PHEVs that have been eligible for a federal tax credit program, which is a significant milestone that the automaker may not want to hit just yet.
Once an automaker sells 200,000 vehicles that are eligible for the credit, it is phased out of the program. According to a report from Car and Driver, Toyota has sold just under 192,000 electric and plug-in hybrid vehicles through the first quarter of 2022. Toyota executive Bob Carter per the report has said the company is planning to be phased out "probably in the second quarter."
If Toyota does hit that threshold in the second quarter, any sales of Toyota vehicles after October 2022 will not be eligible for the rebate.
The timing of reaching the cap is a bit inconvenient for Toyota, which is set to release its first full BEV in the U.S., the bZ4X, later this year.